Do you want to set dumb goals or Smart goals? If you want to reach your financial goals of retirement, paying off student loans, or buying a house, you must set Smart goals to get there. So the choice is clear. Find out why Smart goals are crucial and why Americans need a written financial plan now more than ever.

• GPS recap, your financial GPS requires your current financial location which is a combination of your net worth and your cash flow.
• Your definition of wealth is up to you. Money can’t buy happiness; it’s a measure of your progress but not your worth.
• You should be setting Smart (Specific, Measureable, Attainable, Relevant, Time) financial goals and you should never give up on your financial goals.
• When you create a financial plan, you are making a conscious choice to reduce your current lifestyle so that you can enjoy an even greater lifestyle later on. Where in life are you willing to make some tradeoffs between your current self and your future self?
• We all have things we know nothing about. For many people that’s finance. But that’s okay. You have to start somewhere when creating your financial plan.
• Everybody knows we need financial goals and to save for retirement, but knowing and doing are very different things.
• The average retirement portfolio for people over 65 or older is only $200,000 which is not much money when you think about it having to last for the next 20 or 30 years. The stats are even worse for people 55 to 64.
• Only 17% of us have a written financial plan that is updated regularly. If your plan isn’t written down, it doesn’t exist.
• How you set your financial goals will either compel you or not to take action. If you fail to plan you plan to fail.
• Most of us don’t figure out where we want to go, which will make it very hard to get there.
• Not having money is not a reason to not have a financial plan.
• Having a financial plan is not just about having enough money to reach your goals, it’s also about gaining the confidence to achieve them.
• Creating the plan also helps you learn if your goals are even achievable.
• The biggest landmine for Wayne’s financial plan is himself. People get caught in the daily demands of life and will struggle with coming up with goals in the first place.
• Smart goals can be made smarter by adding and evaluating your progress along the way and rewarding yourself.
• Set big goals and support them with micro actions, behavior change, eliminating options, process planning, and minimizing the chances to slip up.
• Don’t worry too much about elements you can’t control. Just focus on the things that are in your control like keeping the specific actions going.
• According to the Federal Reserve, there are $1.56 trillion in student loans spread over 45 million Americans. The average student loan payment is $393.
• The Smart goal of eliminating student debt is to reach a $0 balance, which makes it specific and measurable, choosing an amount your cash flow can support without having a shortfall somewhere else, determining it’s relevant, and figuring out your timeline.
• The point of a financial plan is to determine what is possible, what is controllable, and what goals should be prioritized.
• When evaluating your progress paying off your student loan, you’re not going to see much difference month to month. It’s more important to evaluate your behavior frequently and your progress periodically.
• Don’t forget to reward yourself. When you stick to the plan, feel free to give yourself a treat every once in a while. Small rewards are about behavior, not progress.
• According to Zillow, on average if you save 10% of each of your paychecks, it would take you 7.2 years to accumulate the 20% down payment you need. Whether or not buying a house is an attainable goal depends on the neighbourhood you’re looking at and your other financial goals. No financial goal exists in isolation.
• Owning a home is not the best goal for everyone. It may make more sense for you to focus on something else.
• You may have to adjust your Smart goal as you go along.
• Life events have a tendency to sneak up on us. We have to create Smart goals in every area of our lives. Visualize where you want to be.
• Men and women also structure and pursue their goals differently. This is why it can be critical to have all parties involved in creating the financial plan. Being held accountable by someone you trust can be crucial to not falling off the path you’ve set.
• Set your own Smart goals. Don’t be constrained by what society or your parents expect.

To explore working with Wayne Firebaugh to fireproof your money, please call 855-WAYNE KNOWS or check out at fireproofyourmoney.com.